”It’s easy to make a buck. It’s a lot tougher to make a difference” said Thomas John Brokaw is a retired American network television journalist and author. Thomas John Brokaw is the author of three bestsellers: The Greatest Generation, The Greatest Generation Speaks , and An Album of Memories.
Analytics work as a magic wand; it helps the retailer to find the issues in their business and also helps in the promotion of products to increase sales. Groupby Inc. is one of the leading companies that power the world’s most relevant and highly converting e-commerce websites while reducing manual effort. Founded in 2013, GroupBy software is headquartered in Toronto, Canada, and has offices in Austin, Texas.
Here are Five Benefits of Online Shopping Analytics in E-commerce Industry:
Helps to build a robust supply chain:
Every customer does shopping according to their convenience and also they want better pricing for the products they need, for that online shopping is the best option. That’s why it is important for you to robust your supply chain. As an owner, it is important for you to regulate regular checkups of your inventory because you should always have a satisfying amount of products in your inventory that you have advertised on your business site. If you don’t have the products then it will cause late delivery and will drop down the level of customer satisfaction and if the customers become unsatisfied that will form a negative effect on your business.
Analyze information to detect fraud:
Analytics creates a pattern format according to the customer’s behaviour and every time there will be a false transaction it can easily detect it and warns you in advance. As if so, you can directly send the notification to the customers by asking them if they are the ones who are doing the transaction or not. Wait for their response and then only give permission to process the transactions.
So, Analytics plays an important role in fraud detection.
Predicts what in store for you:
The business owners can make use of analytics to determine future sales, it helps to understand what type of products they need and on what products a merchant should focus on, what different marketing strategies they should apply, and what type of promotions they should apply for different products. It also helps in notifying about the inventory, whether you want to readjust or not. Analytics can predict future trends by analyzing the size of transactions, the season, the category of products, and many more.
Personalize recommendations for your customers:
Personalize recommendations is the best way to increase your business sale. Dealing with regular customers is easy but when you get some new customers then you will need a trained sales representative who can provide a better personalized shopping experience to the customers.
When a customer tries to buy something and see any recommended products then there is a good probability that they will explore or buy something from recommended products also. This will help in increasing sales.
Lets to know your customer better:
It is important for a retailer to understand their customer behaviour, their needs, and what products they buy often. All these analyses will help you to create new strategies to increase your revenue and it also helps in determining the type of promotion you want to maximize the conversion of customers.